26 Mar 2013

Teen app designer likely to become multi millionaire

9:30 am on 26 March 2013

A British teenager who designed a mobile phone app in his bedroom stands to make millions of pounds from his creation.

Nick D'Aloisio, 17, has sold his software company to web giant Yahoo.

Terms of the deal have not been disclosed but the BBC understands it was worth "dozens of millions" of pounds.

The Summly app summarises news stories from popular media companies.

The app itself will now close, but its features will be used in mobile products at Yahoo, where Mr D'Aloisio has been given a job.

He will be joined by several Summly staff in new roles at Yahoo in the next few weeks.

The app launched when Mr D'Aloisio was aged just 15, and soon attracted more than £1 million of investment.

He is now likely to be one of the world's youngest self-made multi-millionaires.

Speaking to the London Evening Standard, the teenager said: "I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer, but at the moment I just want to save and bank it. I don't have many living expenses."

Less enthusiastic about the acquisition was app developer Little Fluffy Toys which was commissioned by Mr D'Aloisio to create an Android version of the Summly app.

The launch was was days away from launch, and the the London-based firm's director Kenton Price said he was disappointed the app would now never be released.